Compensation Management: Achieving Tesco's Vision and Mission

Compensation Management.

Table of Content
INTRODUCTION...........................................................................................................................4
Main body .......................................................................................................................................4
1 Description :..............................................................................................................................4
2 Flexible benefits plan ..............................................................................................................5
3 Flexible compensation plan help organisation to achive vision,mission and objectives..........6
4 Important objectives of flexible plan to ensure successfullness .............................................8
SUMMARY.....................................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Compensation management refers to the work that employees of company have done for
extra monetary benefits in salary such as bonus, incentives to attract individual to perform
effectively for achievement of organisational goals. Tesco is the large organisation with450,000
employees that are working together across 6800 stores located at different areas for expansion
and growth of business's in the industry. It was founded in 1919 by Jack Cohen in Hackney,
London that operates in retail industry in order to meet daily needs and preference of people
living in UK. It deals in various products such as supermarket, convince shop and hypermarket
that is established to provide better and qualitative products and services to customers. Tesco
vision is to be highly valued business's and build strong brand image by serving customers,
communities and shareholders in the best possible manner. Whereas its mission is to ensure that
customers are provided the best services and product to retain their satisfaction level and loyalty
within organization (Chen, Chou and Lee, 2020).This report analysis and evaluate flexible plans
that can helps in achievement of Tesco mission and vision.
Main body
1 Description :
Tesco is one of the biggest retailer brand in UK and the third largest retailer company in
world when measured by revenue generation factor. Tesco has high quality standards in all
products and services offering in stores and online websites portals which has largely enhanced
the brand reputation and equity levels. The company successfulness among customers has
largely affected the goodwill of brand on world level which has built the company structure
diversified into high innovative portfolio of products and services. The vision of Tesco is to
reach competitive market share in retail industry by delivering strong quality standards to
customers and diversify the business strategies into new sectors of economy to reach new
segments of customers. Tesco is public -limited retail company listed on London Stock
Exchange and has large number of stores all over the world where Europe and Asia are the main
target markets. There are 6800 shops and stores worldwide found by data analysed recently
where the products categories ranges from grocery food items, furniture, home décor and other
items related to eatery products and also the necessary items of people (Ellul, Pagano and
Scognamiglio, 2020).